When it comes to retirement planning, Fidelity’s latest study found that 41% of Singapore investors have started planning, rising only to 64% for the 45 - 69 age group. In comparison, younger investors seem to be paying attention to the importance of early retirement planning, with 19% of under 30s having started already and 27% having seriously considered it even if they have not yet begun.
Even though Singapore’s population has one of the world’s longest life expectancies, only 27% of Singapore investors say they only have basic concepts of retirement planning to support their retirement living, according to Fidelity International’s Asia Pacific (Apac) investor study. The study focuses on investors across Hong Kong, mainland China, Taiwan, Singapore, Japan and Australia.
While Singapore investors aim to retire early at age 61 with the expectation of supporting themselves for 18 years from their pension and savings, the study found that most will face a four-year gap in their retirement income shortfall given the average life expectancy of 83 years.
